Resort denies sale rumours

The Courier, 3 May 2003

Widely circulating rumours that the extensive St Andrews Bay Resort complex near St Andrews has been placed on the market have been emphatically and categorically denied.

The resort’s general manager Stephen Carter said yesterday that there was no truth in claims being made locally that the resort was on offer at a price of over £40 million.

It had been rumoured in the town and the wider area that advertisements offering the property for sale had been placed in a national newspaper and a golf magazine.

Mr Carter said that he, too, had recently become aware of speculation and had also heard a price mentioned - but he said that the complex was “not for sale,” was looking forward to a good summer, and was currently taking on staff.

Like many other establishments in the area, the hotel, golf and spa complex has felt the effect of trading conditions brought about by the September 11 atrocity and then by the war in Iraq.

Only last week, Kingdom of Fife Tourist Board chief executive Patrick Laughlin said that, in spite of Fife having what could be a record April, one cloud on the horizon was the downturn in golf visitors, particularly from the USA.

Mr Carter said that in the first week of the war there had been a real effect, with more than 3400 advance room night bookings cancelled, but things were again picking up.

“Even during these difficult conditions we were having an occupancy rate of around 60% and this is comparable with other major hotels in the area.

"Bookings are rapidly coming back in and we have had an exceedingly good first four months of the year. There was excellent weather in April and that was a real shot in the arm.

"There is also a lot of activity on the conference front, which also slowed down over the war period, and many inquiries are on the books.

“Business on the golf side is also very good, the courses are getting good reviews and becoming busy, and again the good weather was a help.

“We are looking forward to a prosperous and continuing future and I don’t know where these rumours are coming from.

“It may be just from the chattering classes, but the stories are absolute nonsense.”

Several weeks ago it was revealed that three senior members of staff at the hotel had been made redundant and at the same time employees’ hours were cut back.

Mr Carter said, however, that staff were now back on normal hours and that the resort was now hiring additional employees “quite substantially.”

The complex is part of the Chateau Elan Hotels and Resorts Group and was the brainchild of Dr Don Panoz and his wife Nancy.

It has 209 bedrooms, a 15,000 square foot conference area, two championship golf courses and a clubhouse, four restaurants, a health spa, gym and swimming pool.

It was opened in 2001 after being built at a cost of some £50 million. It stands on a clifftop location overlooking the golf and university town.